Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1404%/8h= +153.7% APRpaid last 24h +0.219%

Price spread now: Binance against Hibachi−0.039%7-day average +0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs+$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$690.686% of the position

Long on Hibachi Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+1.644%+$164 on $10k

Price spread, last 4 days (all we have)−0.576%−$58 · spread now −0.039%, 7d avg +0.073%

Together, before fees+1.068%+ Points / potential airdropHibachi: Active · farm board+$107 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.112% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of +0.073%). If the spread goes back, that is −$11 on $10k: about 6 hours of funding at the current rate (+$42 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.561	−0.1304	get 0.0163% / 1h	30m 27s	$197K	$226K	7x
Short	Binance HYPEUSDT	93.524	0.0100	get 0.0050% / 4h	1h 30m	$379.4M	$876.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hibachi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HibachibpFee BinancebpOrdersPrice spread, now −0.039%Rate

Funding earned: $294.84
Price spread: −0.039% → +0.073%: −$11.16
Slippage, 4 orders: −$49.56
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: $215.12
Costs to cover: 0.686%
Break-even: 1.9 days

Slippage from Hibachi: live order book, 33 min ago; Binance: live order book, 13 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hibachi live order book, 33 min ago	12.16 bp	33.4 bp −$33	53.7 bp −$537	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	0.05 bp	6.1 bp −$6	8.5 bp −$85	15.4 bp −$1,544	29.5 bp −$14.7K

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-Plong	−0.1304%	1h	93.561	long leg	$197K	$226K	7x
Arcus HYPE-USD	−0.0899%	1h	93.419	−0.152%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0104%	1h	93.320	−0.258%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.512	−0.052%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0076%	8h	93.562	+0.001%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0063%	1h	93.445	−0.124%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.515	−0.049%	$85K	$343K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0042%	4h	93.562	+0.001%	$154K	$648K	20x	as long as short
Bullet HYPE-USD	−0.0006%	1h	93.503	−0.062%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.560	−0.001%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.510	−0.054%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.593	+0.034%	$62K	—	150x	as long as short
BingX HYPE-USDT	+0.0024%	4h	93.540	−0.022%	—	$53.0M	—	as long as short
Phoenix HYPE	+0.0026%	1h	93.512	−0.052%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0031%	4h	93.574	+0.014%	$8.8M	$35.5M	300x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	93.510	−0.055%	$321.7M	$277.0M	75x	as long as short
Gate HYPE_USDT	+0.0056%	4h	93.541	−0.021%	$44.7M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.495	−0.071%	$114.3M	$302.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.568	+0.008%	$16.3M	$61.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.563	+0.002%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.507	−0.058%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.587	+0.028%	$340K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.510	−0.055%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.506	−0.058%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.581	+0.021%	$2.04B	$654.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.577	+0.017%	$10.1M	$14.6M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	93.524	−0.039%	$379.4M	$876.1M	75x
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.210%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.514	−0.050%	$89.8M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.577	+0.017%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.505	−0.060%	$226.1M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.563	+0.002%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.546	−0.016%	$31.2M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.532	−0.031%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.349	−0.227%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.584	+0.025%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.569	+0.008%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.539	−0.024%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.564	+0.003%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.551	−0.011%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.619	+0.062%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.600	+0.042%	$2.0M	$1.9M	10x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	93.459	−0.109%	$5.1M	$29.7M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.514	−0.050%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.589	+0.030%	$398K	$162K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.630	+0.074%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0187%	4h	93.700	+0.149%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.497	−0.068%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.570	+0.010%	$1.9M	$5.0M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0305%	1h	93.665	+0.111%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.588	+0.029%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.555	−0.006%	$17.0M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.622	+0.066%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.310	−0.268%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.661	+0.107%	$20.8M	$29.7M	50x	as long as short